0000047307-16-000037.txt : 20160815 0000047307-16-000037.hdr.sgml : 20160815 20160815131023 ACCESSION NUMBER: 0000047307-16-000037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160815 DATE AS OF CHANGE: 20160815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HICKOK INC CENTRAL INDEX KEY: 0000047307 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 340288470 STATE OF INCORPORATION: OH FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00147 FILM NUMBER: 161831428 BUSINESS ADDRESS: STREET 1: 10514 DUPONT AVE CITY: CLEVELAND STATE: OH ZIP: 44108 BUSINESS PHONE: 2165418060 MAIL ADDRESS: STREET 1: 10514 DUPONT AVE CITY: CLEVELAND STATE: OH ZIP: 44108 FORMER COMPANY: FORMER CONFORMED NAME: HICKOK ELECTRICAL INSTRUMENT CO DATE OF NAME CHANGE: 19920703 8-K 1 r8kfy16q3.htm FORM 8-K 3RD QUARTER 2016 Hickok 8-K
UNITED STATES
SECURITIES AND EXCHANGE  COMMISSION
WASHINGTON, D.C. 20549



FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)      August 15, 2016                                                  


                                                 HICKOK INCORPORATED                                                        
(Exact name of registrant as specified in its charter)


                 Ohio              
(State or other jurisdiction
of incorporation)
                 0-147                
(Commission
File Number)
         34-0288470      
(IRS Employer
Identification No.)


    10514 Dupont Avenue      Cleveland, Ohio                                                                                44108
    (Address of principal executive offices)                                                                             (Zip Code)


Registrant's telephone number, including area code         (216) 541-8060                                              


                                                                                                                                                                    
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02   Results of Operations and Financial Condition.
              
             On August 15, 2016,  Hickok Incorporated issued a news release announcing results for its fiscal 2016 third quarter and nine months ended June 30, 2016. The news release is furnished herewith as Exhibit 99.1.

Item 9.01   Financial Statements and Exhibits.
              
              99.1  News Release, dated August 15, 2016




SIGNATURES

            Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


HICKOK INCORPORATED                    

By:  /s/ Robert L. Bauman                        
Robert L. Bauman                            
   President and CEO                          

Date:    August 15, 2016


EXHIBIT  INDEX

            Exhibit                Description of Exhibit
           
            99.1                    News Release, dated August 15, 2016















EX-99 2 pr991.htm EXHIBIT 99.1 NEWS RELEASE 3RD QUARTER 2016 News Release:
Exhibit 99.1

Contact:
Brian E. Powers
HICKOK INCORPORATED
10514 Dupont Avenue
Cleveland, Ohio 44108
216/541-8060



August 15, 2016
FOR IMMEDIATE RELEASE



HICKOK INCORPORATED REPORTS THIRD QUARTER

AND NINE MONTH RESULTS

CLEVELAND, OH, August 15 Hickok Incorporated (OTC Pink: HICKA), a Cleveland based supplier of products and services for the automotive, emissions testing, locomotive, and aircraft industries, today reported operating results for the third quarter and nine months ended June 30, 2016.

For the quarter ended June 30, 2016, the Company recorded a net loss of $8,095 or $.01 cents per share, compared with net income of $109,631 or $.07 cents per share, in the same period a year ago. Sales in the third quarter were $1,530,244, compared with $1,804,614 a year ago. The current year third quarter benefited from a single moderate size OEM order while the prior year third quarter benefited from two moderate size OEM orders. The addition of Federal Hose Manufacturing LLC (Federal Hose) on July 1, 2016 is expected to add significant sales and earnings during the fourth quarter of fiscal 2016.

In the first nine months, the Company reported a net loss of $519,728 or $.32 cents per share, compared with a net loss of $437,688 or $.27 cents per share, in the same period a year ago. Sales were $3,953,740, compared to $4,058,014 a year ago.

Robert L. Bauman, President and CEO, said, “Our third quarter was essentially break-even and the core Hickok fourth quarter is expected to be a little weaker but our total fourth quarter is expected to be substantially stronger due to the addition of Federal Hose on July 1, 2016 after a number of years of negotiations.” He also added, “Federal Hose has a history of profitable operations that I believe will allow the Company to execute a number of strategies that were not within our reach previously. In addition, the acquisition should add significant sales and earnings during the Company's fourth quarter of fiscal 2016 and for years to come."

Backlog at June 30, 2016 was $1,002,000 versus a backlog of $1,391,000 a year earlier. Included in the June 30, 2016 backlog is $345,000 of flexible hose orders. The core business backlog decreased by approximately $734,000 due primarily to decreased orders for diagnostic products to automotive OEM's of approximately $844,000 and aftermarket products of approximately $18,000, offset in part by an increase in orders for indicator products of approximately $128,000. The Company anticipates that approximately 78% of the current backlog will be shipped in the last quarter of fiscal 2016.

The Company's current assets at June 30, 2016 of  $3,051,823 are 2.3 times current liabilities, long-term debt $151,964 and working capital is $1,724,292. These compare to June 30, 2015 current assets of $2,868,975 that were 3.1 times current liabilities, no long-term debt and working capital of $1,934,888. At June 30, 2016 shareholder's equity was $2,117,462 or $1.29 per share.

Hickok provides products and services primarily for the automotive, emissions testing, locomotive, and aircraft industries. Offerings include the development, manufacture and marketing of electronic and non-electronic automotive diagnostic products used for repair and emission testing. The Company also develops and manufactures indicating instruments for aircraft, locomotive and general industrial applications. In addition,  the recent acquisition of Federal Hose will add the manufacture and distribution of flexible metal and silicone hoses to the Company's offerings.

Certain statements in this news release, including discussions of management's expectations for fiscal 2016, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ from those anticipated as a result of risks and uncertainties which include, but are not limited to, Hickok's ability to effectively integrate Federal Hose and manage the larger operations of the combined business, effectively develop and market new products, overall market and industry conditions, the Company's ability to capitalize on market opportunities, the Company's ability to satisfy its interest payments and obtain cost effective financing as well as the risks described from time to time in Hickok's reports as filed with the Securities and Exchange Commission.


HICKOK INCORPORATED
Consolidated Income Statement (Unaudited)


3 MONTHS 9 MONTHS
Period ended June 30
2016
2015
2016
2015
Net sales
$1,530,244
$1,804,614
$3,953,740
$4,058,014
Income (loss) before Income tax
(8,095)
109,631
(519,728)
(437,688)
Income (recovery of) taxes
-0-
-0-
-0-
-0-
Net income (loss)
(8,095)
109,631
(519,728)
(437,688)





Basic income (loss) per share (.01)
.07
(.32)
(.27)
Diluted income (loss) per share
(.01)
.07
(.32)
(.27)





Weighted average shares outstanding
1,638,215
1,638,215
1,638,215
1,638,215